NY S00272

Amends General Obligations Law Section 7-103 to eliminate landlords' entitlement to one percent per annum in administrative expenses from tenant security deposits held in interest-bearing accounts.

Requires that all interest earned on security deposits in banking organizations be held in trust for the tenant or paid annually to the tenant making the deposit.

Maintains the requirement that security deposits be placed in banking organizations with a place of business within New York State.

Becomes effective on January 1st following the date the bill becomes law.